IMF approves $360m third tranche for Ghana

The International Monetary Fund (IMF) has granted its Board Approval for the release of the third tranche of $360 million to Ghana under the Extended Credit Facility, Finance Minister Dr. Mohammed Amin Adam has announced.

The decision follows the successful completion of the second review of Ghana’s IMF-supported program.

In a statement made after the IMF meeting, Dr. Amin expressed the government’s commitment to continuing its reform agenda aimed at achieving macroeconomic stability. “After meeting the requirements for the second review, following the staff level agreement, I’m glad to announce that the IMF Executive Board has today, Friday 28th June 2024, approved Ghana’s second review with overwhelming support for Ghana from the executive directors,” he said.

Dr. Amin highlighted the government’s dedication to the $3 billion, three-year IMF-supported COVID-19 economic growth programme, recalling a successful IMF mission in April 2024 that assessed the programme’s implementation.

The third tranche, expected by Monday, 1st July 2024, will bring the total disbursement under the program to $1.56 billion. This follows the first review’s approval in January 2024, marking a significant step in Ghana’s journey towards achieving macroeconomic stability.